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(805 ILCS 5/13.70)
(from Ch. 32, par. 13.70)
Transacting business without authority.
(a) No foreign corporation transacting business in this State without
authority to do so is permitted to maintain a civil
action in any
court of this State, until the corporation obtains that
authority. Nor shall a civil action be maintained in any court of this
State by any successor or assignee of the corporation on any right, claim
or demand arising out of the transaction of business by the corporation in
this State, until authority to transact business in this
State is obtained by the
corporation or by a corporation that has acquired all or substantially all
of its assets.
(b) The failure of a foreign corporation to obtain
authority to transact business in this State does not impair the validity
of any contract or act of the corporation, and does not prevent the
corporation from defending any action in any court of this State.
(c) A foreign corporation that transacts business in this State without authority is liable to this State, for the years or parts
thereof during which it transacted business in this State without authority, in an amount equal to all fees, franchise taxes,
penalties and other charges that would have been imposed by this Act upon
the corporation had it duly applied for and received
authority to transact business in this State as required by this Act, but
failed to pay the franchise taxes that would have been computed thereon,
and thereafter filed all reports required by this Act; and, if a
corporation fails to file an application for
authority within 60 days
after it commences business in this State, in addition
thereto it is liable for a penalty of either 10% of the filing fee,
license fee and franchise taxes or $200 plus $5.00 for each month or
fraction thereof in which it has continued to transact business in this
State without authority therefor, whichever penalty is
greater. The Attorney General shall bring proceedings to recover all
amounts due this State under this Section.
(d) The Attorney General shall bring an action to restrain a foreign corporation from transacting business in this State, if the authority of the foreign corporation to transact business has been revoked under subsection (m) of Section 13.50 of this Act.
(Source: P.A. 95-515, eff. 8-28-07.)